Bank of Canada cuts key rate as economy contracts, exports stall

Posted by Richard Kitts on Fri, Jul 17, 2015 @12:52 PM

Stephen Poloz is refusing to call it a recession, but the Bank of Canada Governor says the country needs another jolt of interest rate relief as the economy shrinks and exports stall.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Kitchener-Waterloo Mortgage, mortgage broker, stephen poloz, interest rates, Bank of Canada, Canadian Dollar, Canada's economy, economy, rate cut

The buzz on the street spreads quickly

Posted by Richard Kitts on Thu, Jul 16, 2015 @12:02 PM

Today it was released that the Bank of Canada has cut its overnight lending rate to 0.5%. This is in wake of some weaker than expected economic results (that don’t seem to be affecting the KW housing market too much right now!).

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Kitchener-Waterloo Mortgage, mortgage broker, Variable rate, rate cut, bank prime rate

Bank of Canada lowers overnight rate target to 1/2 per cent

Posted by Richard Kitts on Wed, Jul 15, 2015 @12:13 PM

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Canada, Kitchener-Waterloo Mortgage, mortgage broker, Bank of Canada, ottawa, economy, Inflation, rate cut

Real estate deals allow electronic signatures

Posted by Richard Kitts on Tue, Jun 30, 2015 @09:47 AM

Real estate deals allow electronic signatures

TORONTO - Ontario home buyers and sellers will soon be allowed to provide electronic signatures on real estate documents.

Changes to the Electronic Commerce Act take effect July 1, making electronic signatures legally equivalent to handwritten ones in real estate deals.

Current regulations require real estate documents, such as agreements of purchase and sale, to be signed by hand on hard copies.

Patricia Verge, president of the Ontario Real Estate Association, calls the changes to the act "great news for realtors as well as consumers," and says the option to sign electronically will make home-buying and selling more efficient.

Six other provinces, including British Columbia, Quebec, New Brunswick, Manitoba, Newfoundland and Labrador and Prince Edward Island, allow electronic signatures for real estate transactions.

By The Canadian Press | June 29, 2015

View article here >>

http://www.thespec.com/news-story/5700820-real-estate-deals-allow-electronic-signatures/

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Ontario, Kitchener-Waterloo Mortgage, mortgage broker, real estate, electronic commerce act, ontario real estate association

Canada Mortgage and Housing Corporation Release

Posted by Richard Kitts on Wed, Jun 17, 2015 @03:59 PM

Ontario_rental_markets_June_16_2015-1

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Ontario, Kitchener-Waterloo Mortgage, mortgage broker, CMHC, rental market

Market Commentary from First National .. Optimism still appears to be Reigning in Canada's housing sector

Posted by Richard Kitts on Wed, Jun 17, 2015 @03:30 PM

Market Commentary from First National:

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Kitchener-Waterloo Mortgage, mortgage broker, housing, CMHC, Bank of Canada, mortgage, building permit, high ratio

First-time buyers at risk of being squeezed out of Canada’s hot home market

Posted by Richard Kitts on Wed, Jun 17, 2015 @11:39 AM

First-time buyers continue to scramble to find their way into the housing market but it wouldn’t take much to squeeze them out, according to a new survey out Tuesday.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Kitchener-Waterloo Mortgage, CAAMP, Kitchener, rrsp, residential mortgage market, economy, down payment, banks

Bank of Canada says household debt, housing price crash remain major concern for economy

Posted by Richard Kitts on Wed, Jun 17, 2015 @11:37 AM

OTTAWA — In an environment of low-for-longer interest rates, and global economic uncertainty, the persistent concern of Canada’s monetary policymakers remains in their own backyard: household debt.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: household debt, mortgage broker, finance, interest rate, debt repayment, Kitchener, mortgage, oil price, Waterloo, economy, banks, Poloz

Increase in CMHC Mortgage Loan Insurance Premiums — Key Facts

Posted by Richard Kitts on Fri, May 22, 2015 @09:39 AM

Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment of 5% with interest rates comparable to those with a 20% down payment. Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: mortgage broker, CMHC, increase, Kitchener, mortgage, Insurance Premiums, Mortgage Loan Insurance, mortgage insurance, Waterloo, canada mortgage and housing corporation

Joe Oliver tells realtors Ottawa will stay out of housing market because no bubble seen

Posted by Richard Kitts on Thu, May 21, 2015 @11:11 AM

Canadian Finance Minister Joe Oliver said he’s confident the country’s housing market isn’t in a bubble, setting aside any further action to curb activity.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: mortgage broker, ottawa, Kitchener, mortgage, Finance Minister, Waterloo, housing market, ontairo, joe oliver